Israel Awards Six Licenses For Natural Gas Exploration

(MENAFN- Famagusta Gazette) Israel has awarded licenses to six companies for natural gas exploration off the country's northern shores.

Israeli Energy Ministry says the licenses refer to gas exploration in two zones adjacent to Israel's Leviathan, Tamar, and Karish fields in the Mediterranean Sea.

Exploration licenses in one zone were granted to Eni East Med, Dana Petroleum, and Ratio Energies, while the State Oil Company of Azerbaijan Republic, BP, and NewMed Energy.

The licenses were issued for an initial period of three years, during which the holders will implement their work plans to assess the potential for the discovery of natural gas.

In August, it was reported that Israel's natural gas and oil revenues totaled 270 million U.S. dollars in the first half (H1) of 2023. That marks a 22 year-on-year rise compared to a revenue of 820 million shekels in January-June last year.

The revenues came from the gas produced at Tamar, Leviathan, and Karish fields.

According to the August report – issued by the country's Ministry of Energy and Infrastructure – total production from the three gas fields reached 12.32 billion cubic meters (BCM) in H1, an increase of 13.5 percent from 10.85 BCM in the same period last year, and also the highest-ever half-year volume.

Out of the total natural gas produced from the three fields in the first half, 6.26 BCM were directed for the domestic economy and about 6.06 BCM for export to neighboring countries like Egypt and Jordan.

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